Tiny Houses, Big Impact: Coram Houses’ Vision for Affordable Housing

Coram House, example of their tiny home on a property.

Summary

In the realm of alternative homeownership, Christopher Thomas' Coram Houses stands as a beacon of innovation. Shifting the paradigm away from traditional housing, Coram Houses focuses on sharing land and maximizing it with Tiny Homes or Accessory Dwelling Units (ADUs). Thomas, driven by a mission against housing injustice, collaborated with PCAP to secure a $200,000 loan. This financial boost allowed Coram Houses to restructure debts, maintain staff, and expand its footprint. As 2024 unfolds, Thomas envisions transformative projects, such as constructing ADUs for elderly tenants at a local church. Coram Houses exemplifies how strategic financing fosters growth and societal impact.

When Christopher Thomas embarked on establishing Coram Houses, he envisioned a business that shed a different light on home ownership – or rather, the homeowner’s backyard. His innovative plan centered not only on sharing land but also on leveraging it to augment owners’ income.

“Housing injustice is a significant issue,” Thomas explained. “I decided there is something to be done about, to push back against something different than a big house with a white picket fence… To say, ‘I’m going to share my land.’”

The focal point of Coram Houses’ strategy lies in the surging popularity of Tiny Homes, or Accessory Dwelling Units (ADUs) especially among singles who seek an alternative to the conventional studio-style apartments or homeowners looking to add additional income. To grow his small business, Thomas worked with the lending team at PCAP to restructure old debt and provide Coram Houses with the working capital needed to grow.

That loan amount – $200,000 – came at a pivotal time for Thomas.

“It gave us a buffer, and the ability to remain true to what we’re doing,” Thomas said. Additionally, the PCAP loan allowed him to retain his staff. Currently, Coram Houses employs four people, three of whom are full-time.

Originally designed as a revenue sharing structure, Coram Houses shifted to a more traditional construction model. PCAP’s loan made that possible. “By refinancing old debts from when he began the business in 2021, we were able to significantly improve Topher’s cash flow, which provided a pathway for continued expansion and growth,” said Quinn Coleman, a Senior Business Lender for PCAP.

Moving into 2024, Thomas has big plans on the horizon, including building six AUDs in the backyard of a local church.

“I am excited to see what happens at the church; it is going to be one of our largest projects. What is even better is that this project is focused on finding tenants who are elderly and in need of housing,” Thomas said.

With a dozen contracts already inked for the construction of 22 new ADUs across Durham, Coram Houses is not merely a construction company, but a visionary force driving change in the real estate sector.

A new year with new possibilities and continued support from PCAP along the way. To read more about PCAP’s small business loans, visit PartnerCapital.org/Apply.

Share:

More Posts

Turning Dreams into Reality for Boxer Craft House

Marie Bressler’s dream of expanding Boxer Craft House from a humble home-based business to a vibrant retail store became a reality, thanks to Partner Community Capital (PCAP). In the small town of Ranson, West Virginia, walking into the refurbished old Billie’s Diner, now transformed into Boxer Craft House, one cannot help but marvel at the journey that led to this momentous achievement.

Read More

Cultivating Connections: Mother Earth Food’s Flourishing Journey with PCAP

Nestled in Tucker County’s Thomas, The Adventure Guild Game Shop has transformed an old bank building into a gaming haven. Founded by Jason and Angie Downs, the shop caters to board game enthusiasts of all levels, boasting private gaming rooms and a Game Café. To enhance their web presence, they turned to Partner Community Capital (PCAP) and its Recreational Economies Initiative (WV REI). With the support of PCAP advisor Marti Jefferson, they secured funding for a website, connecting with gamers worldwide. This partnership exemplifies how strategic alliances can turn visions into reality for small businesses in West Virginia’s thriving tourism sector.

Read More

Strategic Moves: How The Adventure Guild Game Shop Leveled Up with PCAP

Nestled in Tucker County’s Thomas, The Adventure Guild Game Shop has transformed an old bank building into a gaming haven. Founded by Jason and Angie Downs, the shop caters to board game enthusiasts of all levels, boasting private gaming rooms and a Game Café. To enhance their web presence, they turned to Partner Community Capital (PCAP) and its Recreational Economies Initiative (WV REI). With the support of PCAP advisor Marti Jefferson, they secured funding for a website, connecting with gamers worldwide. This partnership exemplifies how strategic alliances can turn visions into reality for small businesses in West Virginia’s thriving tourism sector.

Read More

What Are the Different Types of Term Loans you can get at a CDFI?

Are you a struggling entrepreneur looking for ways to finance your business? Partnering with a Community Development Financial Institution (CDFI) to secure a business loan could be the solution you’re looking for. However, you may be wondering what kind of term loan is best for you and your business. A term loan is a loan that provides you with a lump sum that gets repaid in regular installments over a set period of time. Read on to learn more about three types of term loans that CDFIs offer to see which would work best for your business.

Read More
Search
Partner Community Capital™ Logo

Sign up for updates

Receive the latest news right to your inbox.